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<PAGE> PAGE 2
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<PAGE> PAGE 7
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SIGNATURE BERNARD GARIL
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
SEMI ANNUAL REPORT FOR PERIOD ENDED APRIL 30, 1998.
</LEGEND>
<CIK> 0000897951
<NAME> MUNICIPAL ADVANTAGE FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998<F64>
<PERIOD-START> NOV-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 153683658
<INVESTMENTS-AT-VALUE> 161098014
<RECEIVABLES> 4177735
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 165434915
<PAYABLE-FOR-SECURITIES> 2958244
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 715291
<TOTAL-LIABILITIES> 3673535
<SENIOR-EQUITY> 55000000
<PAID-IN-CAPITAL-COMMON> 100625610
<SHARES-COMMON-STOCK> 7257093
<SHARES-COMMON-PRIOR> 7257093
<ACCUMULATED-NII-CURRENT> 253340
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1531926)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 161761380
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4583071
<OTHER-INCOME> 0
<EXPENSES-NET> (710831)
<NET-INVESTMENT-INCOME> 3872240
<REALIZED-GAINS-CURRENT> 1258283
<APPREC-INCREASE-CURRENT> (650184)
<NET-CHANGE-FROM-OPS> 4480339
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3937479
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 542860
<ACCUMULATED-NII-PRIOR> 318579
<ACCUMULATED-GAINS-PRIOR> (2790209)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 485167
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 711590
<AVERAGE-NET-ASSETS> 108062507
<PER-SHARE-NAV-BEGIN> 14.64
<PER-SHARE-NII> .53
<PER-SHARE-GAIN-APPREC> .08
<PER-SHARE-DIVIDEND> .54
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<EXPENSE-RATIO> 1.33<F1>
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<FN>
<F64>
<F1>Ratios calculated on the basis of income and expenses applicable to both the
common and preferred shares relative to the average weekly net assets of common
shareholders.
</FN>
</TABLE>
